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A comprehensive thematic analysis of capital flight from Africa, it covers the role of safe havens, offshore financial centres, and banking secrecy in facilitating illicit financial flows and provides rich insights to policy makers interested in designing strategies to address the problems of capital flight and illicit financial flows.
List of contents
- Part I: Why Care About Capital Flight?
- 1: Ibi Ajayi and Léonce Ndikumana: Introduction: Scale, Causes and Effects of Capital Flight from Africa
- 2: Léonce Ndikumana, James Boyce, and Ameth Saloum Ndiaye: Capital Flight from Africa: Measurement and Drivers
- 3: Ibi Ajayi: Capital Flight and Economic Development in Africa
- 4: Janvier Nkurunziza: Capital Flight and Poverty Reduction in Africa
- Part II: Economic Dimensions
- 5: Victor Murinde, Chris Ochieng, and Qingwei Meng: Capital Flight and Flow of Funds
- 6: Hippolyte Fofack and Léonce Ndikumana: Capital Flight and Monetary Policy in Africa
- 7: Robert Lensink and Niels Hermes: Financial Liberalization and Capital Flight: Evidence from the African Continent
- 8: Isabella Massa: Capital Flight and the Financial System
- 9: John Weeks: Macroeconomic Impact of Capital Flight in Sub-Saharan Africa
- Part III: Institutional Dimensions
- 10: Rabah Arezki, Gregoire Rota-Graciozi, and Lemma W. Senbet: Natural Resources and Capital Flight: A Role for Policy?
- 11: Melvin Ayogu and Folarin Gbadebo-Smith: Governance and Illicit Financial Flows
- 12: Abbi Kedir: Tax Evasion and Capital Flight in Africa
- 13: Frank Barry: Capital Flight, Tax Havens and Secrecy Jurisdictions
- 14: Melvin Ayogu and Julius Agbor: Illicit Financial Flows and Stolen Assets Value Recovery
- 15: Humphrey P. B. Moshi: Capital Flight and Institutional Frameworks to Promote Transparency
- Part IV: Conclusion
- 16: James Boyce and Léonce Ndikumana: Strategies for Addressing Capital Flight
About the author
S. Ibi Ajayi holds a PhD degree in Economics from Queen's University in Kingston, Ontario, Canada. He is a Professor of Economics and a Distinguished Service Fellow of the Department of Economics, University of Ibadan. Professor Ajayi has consulted for a wide range of international organizations including the World Bank, the International Monetary Fund, the Carnegie Corporation of New York, the World Health Organization, the United Nations Economic Commission for Africa, the United Nation's Development Program, the African Development Bank, the African Economic Research Consortium, the West African Monetary Agency, and ECOWAS. He has published over 120 articles journals, books, and chapters. Professor Ajayi's areas of interest are macroeconomics, monetary economics, public policy issues, and health economics. His main focus is in the areas of African development.
Léonce Ndikumana is Professor of Economics and Director of the African Development Policy Program at the Political Economy Research Institute (PERI) at the University of Massachusetts at Amherst. He is a Member of the United Nations Committee on Development Policy. Léonce Ndikumana has served as Director of Operational Policies and Director of Research at the African Development Bank, Chief of Macroeconomic Analysis at the United Nations Economic Commission for Africa (UNECA), and visiting Professor at the University of Cape Town. He is also an Honorary Professor of Economics at the University of Stellenbosch, South Africa. Professor Ndikumana's research explores issues of external debt and capital flight; financial markets and growth; macroeconomic policies for growth and employment; aid, aid effectiveness and social development; and the economics of conflict and civil wars in Africa. He is co-author of Africa's Odious Debt: How Foreign Loans and Capital Flight Bled a Continent.
Summary
A comprehensive thematic analysis of capital flight from Africa, it covers the role of safe havens, offshore financial centres, and banking secrecy in facilitating illicit financial flows and provides rich insights to policy makers interested in designing strategies to address the problems of capital flight and illicit financial flows.
